Global Net Lease Continues Momentum of Strategic Disposition Initiative With Sales of the Plant Shopping Center and Foster Wheeler Office
2024年9月4日 - 7:00PM
Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) today
announced continued progress in its 2024 strategic disposition plan
with the sales of The Plant Shopping Center in San Jose, California
for $95 million and the Foster Wheeler office property in Shinfield
Park, Reading, United Kingdom for over $27 million. As of August
31, 2024, GNL has closed or secured agreements for dispositions
totaling $854 million at a cash cap rate of 7.2%1.
GNL used the net proceeds from The Plant
Shopping Center sale to pay down its Revolving Credit Facility. To
maximize the property’s value for a sale, GNL strategically
subdivided the asset into two separate parcels, bifurcating The
Plant Shopping Center from an adjacent single-tenant property. GNL
believes this broadened the potential buyer pool and enabled the
Company to secure premium pricing for the parcel with the
multi-tenant shopping center. The newly created parcel that GNL
retained ownership of is now a core single-tenant property that is
leased to Home Depot, an investment-grade tenant with an A2 credit
rating. There are approximately 10 years remaining on the lease,
with a 12.5% rental increase every five years.
GNL has owned the 366,000 square foot Foster
Wheeler Office property for nearly eight years and sold the
property as the tenant’s lease expired in mid-August, having
collected 100% of the rent under the term of the lease. The sale of
the property will further reduce GNL’s office exposure by
approximately 100 bps, decreasing total office exposure to 19% of
total portfolio’s straight-line rent2.
“The $95 million sale of the multi-tenant Plant
parcel in San Jose showcases our continued execution of our
strategic disposition plan and we believe validates our strategic
decision to subdivide the property to maximize its overall value,”
said Michael Weil, CEO of GNL, “Additionally, the sale of the
former Foster Wheeler building further aligns with our ongoing
efforts to reduce office exposure while mitigating portfolio
vacancy.”
“We are pleased with the rapid progress of our
strategic disposition initiative, successfully building a pipeline
of closed and pending dispositions of $854 million at a cash cap
rate of 7.2%, within the stated cash cap guidance range of 7% to
8%. This reflects the strong execution of our 2024 business plan
across multiple strategic initiatives. We intend to continue using
the net proceeds from asset sales to reduce outstanding debt, with
a key focus on lowering our Net Debt to Adjusted EBITDA,” Mr. Weil
concluded.
GNL has furnished a slide detailing the progress
of its 2024 strategic disposition plan with a Current Report on
Form 8-K with the Securities and Exchange Commission on the date
hereof.
About Global Net Lease,
Inc.
Global Net Lease, Inc. is a publicly traded real
estate investment trust listed on the NYSE, which focuses on
acquiring and managing a global portfolio of income producing net
lease assets across the United States, and Western and Northern
Europe. Additional information about GNL can be found on its
website at www.globalnetlease.com.
Important Notice
The statements in this press release that are
not historical facts may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve risks and uncertainties
that could cause the outcome to be materially different. The words
such as "may," "will," "seeks," "anticipates," "believes,"
"expects," "estimates," "projects," “potential,” “predicts,”
"plans," "intends," “would,” “could,” "should" and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. These forward-looking statements are subject to
a number of risks, uncertainties and other factors, many of which
are outside of the Company’s control, which could cause actual
results to differ materially from the results contemplated by the
forward-looking statements. These risks and uncertainties include
the risks associated with realization of the anticipated benefits
of the merger with The Necessity Retail REIT, Inc. and the
internalization of the Company’s property management and advisory
functions; that any potential future acquisition or disposition by
the Company is subject to market conditions and capital
availability and may not be identified or completed on favorable
terms, or at all. Some of the risks and uncertainties, although not
all risks and uncertainties, that could cause the Company’s actual
results to differ materially from those presented in its
forward-looking statements are set forth in the Risk Factors and
“Quantitative and Qualitative Disclosures about Market Risk”
sections in the Company’s Annual Report on Form 10-K, its Quarterly
Reports on Form 10-Q, and all of its other filings with the U.S.
Securities and Exchange Commission, as such risks, uncertainties
and other important factors may be updated from time to time in the
Company’s subsequent reports. Further, forward-looking statements
speak only as of the date they are made, and the Company undertakes
no obligation to update or revise any forward-looking statement to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time, unless required
by law.
Contacts:Investor RelationsEmail:
investorrelations@globalnetlease.comPhone: (332) 265-2020
Footnotes:
1 Disposition data as of August 31, 2024,
includes transactions that are either closed or under agreement or
letter of intent, and assumes purchase agreements and letters of
intent lead to closing based on their contemplated terms, which
cannot be assured.2 Calculated based on Q2 2024 actuals.
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